Accor First-half 2009 revenue down 8.1% like-for-like

First-half 2009 revenue performance was shaped by the following factors:
• The expansion strategy, which added 4.3% to growth for the quarter (of which €104 million from the full consolidation of Orbis).
• The strategic refocusing on Hotels and Prepaid Services (with the disposal of the Brazilian foodservices business) and ongoing deployment of the asset-right strategy, which had a 4.5% negative impact on revenue for the period.
• The 1.0% negative currency effect, resulting from the euro’s appreciation against the British pound, the Australian dollar and the Brazilian real. On the upside, the dollar impact was a positive 1.1%. 　
• At constant scope of consolidation and exchange rates, revenue contracted by 8.1%.
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http://www.accor.com/fileadmin/user_upload/Contenus_Accor/Finance/PDF/EN/ACCOR_CP_CA_Q22009_VENG.pdf